Page 2695 - Business Finance
Quick Wrap: Nifty PSU Bank Index records a surge of 1.61%
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FPIs turn sellers
Net outflow of Rs 11.16 crore on 28 August 2018
Goa royalty penalty due to varying interpretation: Vedanta
A day after receiving nearly Rs 100 crore recovery notice from the Goa government for royalty non-payment, Vedanta's Sesa Goa Iron Ore division today clarified that the matter relates to the reconciliation of royalty due to the varying interpretation of the iron ore value and not to illegal mining. The Goa's directorate of mines and geology (DMG) yesterday had issued a Rs 97.48-crore demand notice to Vedanta towards non-payment of royalty for FY11 to FY13. The company is alleged to have illegally exported iron ore to the tune of 20,76,746 tonne during this period. "The demand notice issued by the director of mines and geology relates to reconciliation of royalty on iron ore which arises on account of varying interpretation of the directorate and ourselves," the company said in a statement today. The notice issued by the DMG, Prasanna Acharya, directed Vedanta to pay the principal royalty amount of Rs 54.48 crore within 14 days and the interest of Rs 43.03 crore in the ...
DIPP expects significant jump in ease of doing biz ranking this year
India's ranking is expected to improve further in the World Bank's ease of doing business report this year on the back of reforms carried out by the government, a top government official said today. The World Bank's 'ease of doing business' report is slated to be released in October. "We are optimistic that again we will be making a significant jump in the ease of doing business ranking," Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said here. India leapfrogged 30 places to rank 100th in the last World Bank's 'ease of doing business' ranking report. Speaking at the Taiwan-India Industrial Collaboration Summit, the secretary said that several areas, including starting a business and paying taxes, have seen an improvement. He also asked the Taiwanese businesses to invest in India as the country holds huge potential. "This is a good time for investments in India," he said, adding Indian economy is likely to touch USD 5 trillion mark by 2025 and ...
Oil steady on lower Iran exports, rising U.S. supply
LONDON (Reuters) - Oil prices steadied on Wednesday, supported by news of a fall in Iranian crude supplies as U.S. sanctions deter buyers, but gains were limited by evidence of a rise in U.S. inventories.
Govt unlikely to issue directions to RBI on bad loans of power sector, says Finmin official
Ruling out invoking of exceptional powers to issue directions to RBI, a top finance ministry official said today that the central bank should take a pragmatic view on resolving stressed assets in the power sector. The Allahabad High Court has turned down a petition by independent power produces challenging the February 12 circular of the Reserve Bank of India which specified that if a resolution was not found by August 27 these accounts should be sent to bankruptcy courts. The court, however, asked the Centre to talk to the central bank to get some relief for the petitioners using the provisions of the RBI Act within 15 days. "The government is unlikely to issue directions to RBI under Section 7 of RBI Act. The section can be invoked only in exceptional circumstances and the power asset issue is too small to enforce Section 7 of RBI Act," the official said. The section empowers the central government to give directions to RBI, after consultation with the Governor of the Bank, as it ..
India to be partner country at Ambiente fair in Frankfurt
India will be the partner country at the Ambiente 2019 fair, to be held in Frankfurt (Germany) from February 8-12 next year, which will be inaugurated by Textile Minister Smriti Irani. "Around 8,000 exhibitors from across the globe and 450 from India will participate in the fair, to be inaugurated by Smriti Irani," said Raj Manek, Managing Director at Messe Frankfurt Trade Fairs India Pvt Ltd. Minister of State for Textiles Ajay Tamta said 10 specialised handicraft artisans from the country will demonstrate their skills at the fair, adding that India is the second nation in Asia, after Japan, to become the partner country at Ambiente Fair. According to Manek, Indian exporters will get an opportunity to reach out to untapped global markets through participation in the fair.
Uttarakhand eyes Rs 20,000 cr investment from investor summit
Uttarakhand is targeting Rs 20,000 crore investment from 'Destination Uttarakhand: Investors Summit 2018', in sectors including food processing, horticulture and floriculture, tourism and hospitality among others. "We are promoting 'Destination Uttarakhand: Investors Summit 2018' in five key cities in the country to attract investment into the state. We are providing incentives to investors and have a single window clearance, which clears proposals within 15 days and targeting an investment of Rs 20,000 crore during this summit," Uttarakhand chief minister Trivendra Singh Rawat told reporters here. Uttarakhand is holding the roadshows in five cities including Bangalore, Hyderabad, Ahmedabad, Mumbai and Delhi to attract investment in the state, in associate with Confederation of Indian Industry (CII) The two-day 'Destination Uttarakhand: Investors Summit 2018' will be held in Dehradun from October 7. The 12 focus sectors of the state include, food processing, ...
007 carmaker Aston Martin gears up for London stock market float
Aston Martin today said it plans to float one quarter of the British company on the London stock market, as demand rises worldwide for the luxury brand's cars favoured by fictional spy James Bond. Full details of the initial public offering will be published on September 20, Aston Martin said in a statement, with reports noting that the company could be valued up to Pounds 5.0 billion (USD 6.4 billion or 5.5 billion euros). "Today's announcement represents a key milestone in the history of the company, which is reporting strong financial results and increased global demand for its award-winning sports cars,"Aston Martin chief executive Andy Palmer said in the statement. The century-old carmaker, based in Gaydon in central England, is controlled by Italian private equity fund Investindustrial and Kuwaiti investors. German carmaker Daimler will meanwhile keep its near 5.0-per cent stake in the group, Aston Martin said. While Britain has a strong car manufacturing industry, the brands ...
Chidambaram slams govt after RBI says 99.3 per cent demonetised notes returned to banking system
Senior Congress leader P Chidambaram today slammed the government after the RBI said that as much as 99.3 per cent of the demonetised Rs 500 and Rs 1,000 notes have returned to the banking system, saying the Indian economy had suffered due to the notes ban by way of job loss, closure of industries and the GDP growth. In a series of tweets, the former finance minister also said the RBI figure has suggested that the government had actually demonetised only Rs 13,000 crore and the "country paid a huge price" for it. However, the RBI has said that Rs 10,720 crore of the junked currency did not return to the banking system. "Indian economy lost 1.5 per cent of GDP in terms of growth. That alone was a loss of Rs 2.25 lakh crore a year. Over 100 lives were lost. 15 crore daily wage earners lost their livelihood for several weeks. Thousands of SME units were shut down. Lakhs of jobs were destroyed," he tweeted. Chidambaram said every rupee of the Rs 15.42 lakh crore, barring a small sum of Rs
Sundaram Mutual looks to raise Rs 300-400 cr via NFO
Sundaram Mutual today said it is looking to raise around Rs 300-400 crore through its new open-ended equity scheme named Sundaram Services Fund, which will focus on the services sector. The new fund offer (NFO) opened for the subscription today and will close on September 12. The scheme will reopen for ongoing subscription or redemption from September 26. "Sundaram Services Fund targets to raise around Rs 300-400 crore and it will provide an opportunity to invest in a sector representing 54 per cent of the Indian economy, which also happens to be among the world's fastest growing at 7.6 per cent in 2018," Sundaram Mutual managing director Sunil Subramaniam told reporters here. The gap between services share of the economy at 54 per cent and of the market capitalisation at only 35 per cent implies huge potential for the future, he added. The NFO aims to invest between 80 and 100 per cent in predominantly equity and equity related instruments of the country's services ...
Sun Pharma signs Virat Kohli as brand ambassador for Volini
Drug firm Sun Pharmaceutical Industries today said it has signed Indian cricket captain Virat Kohli as the brand ambassador of its pain reliever Volini. "Known for pushing the limits of physical endurance, Virat echoes the brand vision of constantly improving performance and not letting pain come in the way of going that extra mile," Sun Pharma CEO India, Emerging Markets and Consumer Healthcare, Kal Sundaram said in a statement. A marketing campaign featuring Virat Kohli goes live today, the company said. "Athletes are required to push through pain on a regular basis, and Volini has been my trusted pain relief partner for decades. With its instant pain relief formulation, I am able to focus on my game and not the pain," Kohli said. Shares of Sun Pharmaceutical Industries were today settled at Rs 620.70 per scrip on BSE, down 0.08 per cent from its previous close.
NALCO Net swells to Rs 1,342 cr in FY18, pays record dividend
Aluminium major NALCO today said its net profit has doubled to Rs 1,342 crore in 2017-18 from Rs 669 crore recorded in the previous year owing to its new business plan which has put the company on a new growth path. "The company achieved highest net profit in last 10 years of Rs 1,342 crore in 2017-18 against Rs 669 crore earned in previous year," CMD of NALCO, Tapan Kumar Chand said on the sidelines of the 37th Annual General Meeting of the Navaratna company here. Highlighting the performance of the company during the last fiscal, Chand said NALCO also achieved the highest-ever turnover of Rs 9,376 crore since inception, registering a growth of 26 per cent over the previous year. Similarly, export earning of Rs 4,076 crore was also highest-ever since inception registering a growth of 12 per cent over last year. NALCO was the third highest Net Foreign Exchange Earning central public sector enterprise in the country. NALCO has also declared a record dividend payout of Rs
China's Geely bets on bigger cars for growth with new plant - sources
BEIJING (Reuters) - China's Geely is building a new plant to produce a quarter of a million bigger-sized cars that it expects will power future growth and help meet its goal of selling more than 2 million vehicles by 2020, two people familiar with the matter said.
Equity indices end in red as rupee slumps to all-time low (Third Lead)
Key Indian equity indices closed in the negative territory on Wednesday as the rupee slumped to an all-time low, while weak global cues further subdued the sentiments, analysts said.
FPIs pullout USD 280 mn so far this year; DIIs pour USD 10 bn
Foreign investors have pulled out USD 280 million from the Indian equity markets so far this year, while domestic institutional investors (DIIs) continue to invest more aggressively and have put in a staggering USD 10 billion. The latest round of outflow came after foreign portfolio investors (FPIs) had poured in USD 7.77 billion in 2017, while DIIs had invested USD 14 billion during the same period, said a report by Morningstar Investment Adviser. While in January, FPIs bought net assets worth USD 2.2 billion, they were net sellers to the tune of USD 1.8 billion in February. Again, in March, they invested USD 1.8 billion in equity markets, whereas they offloaded net assets worth USD 3 billion during April-June. However, they put in USD 330 million in July and USD 242 million in August so far. On the other hand, domestic institutional investors started the year on a negative note and withdrew USD 111 million in January, however, they put in money in February and the bullish trend ...
Deutsche Bank CEO stands by global ambitions
FRANKFURT (Reuters) - Deutsche Bank has no plans to give up its global presence, its chief executive said on Wednesday, despite sizeable job cuts to try and revive profitability.
CCI dismisses complaint against Danone's subsidiary
Fair trade regulator CCI has dismissed a complaint alleging abuse of dominant market position against global food and beverage giant Danone's Indian subsidiary Nutricia International with regard to supply of certain products. In an order dated August 28, the Competition Commission of India (CCI) said "no prima facie case of contravention of the provisions Section 4 of the (Competition) Act" is made out against Nutricia. Section 4 pertains to abuse of dominant market position. The complaint against Nutricia was made by one Uttar Pradesh-based Prabhakar Pandey, a stockist of several pharmaceutical companies including Wockhardt. As per the order, Wockhardt transferred its mother and child care (MCC) business to Nutricia, following which the complainant became a stockist of the latter. It was alleged that Nutricia failed to supply certain products for which payments had already been made by the complainant. However, no information was given about the exact products ordered. For the case, .
Cabinet approves MoU between India and USA insurance regulators
The MoU provides a framework for cooperation and coordination, including for the exchange of information and research assistance with respect to each Authority's overview and other lawful responsibilities. Under the agreement, both the countries intend to share their experiences on various regulatory functions and to provide mutual assistance including training activities. India and USA have also agreed to continue to facilitate cooperation on international standard-setting activities, financial stability and the development and implementation of consumer protection through sound prudential regulation of the insurance sector.
Turnover on NSE's F&O segment rises
Reliance Industries, JSW Steel, HDFC Bank August 2018 futures at premium